Common use of Purchase Money Security Interest Clause in Contracts

Purchase Money Security Interest. The Company acknowledges that the security interest in any item of Collateral and its proceeds shall constitute a purchase-money security interest to the extent it secures Obligations incurred by the Company to enable the Company to acquire rights in such Collateral. The Bank hereby reserves title to any item of Collateral which may be sold by the Bank to the Company until satisfaction of the Obligations as aforesaid.

Purchase Money Security Interest. The Company acknowledges that the security interest in any item of Collateral and its proceeds shall constitute a purchase-money security interest to the extent it secures Obligations incurred by the Company to enable the Company to acquire rights in such Collateral. The Bank Lender hereby reserves title to any item of Collateral which may be sold by the Bank Lender to the Company until satisfaction of the Obligations as aforesaid.